Promises or Guarantees?

Promises or Guarantees?

Picture this. You’re about to spend thousands of Euros buying a property in a foreign country, maybe even your life savings. You don’t speak the language and you are completely reliant on other people’s advice. Over the years you have read horror stories where people have lost their properties through missing legal documentation, fraud, demolition orders or have not even managed to purchase a property because their deposit has gone missing or the agent has gone bust.

You don’t think that will ever happen to you, but you want to be sure. You have a choice between two estate agents. Which will you choose?

Bank Repossessions in Tenerife

Bank Repossessions in Tenerife

Many bargain hunters are aware of our links with banks and ask us about bank repossessions and foreclosures in Tenerife.  Although we have access to bank portfolios to sell these properties, it is rare that anyone buys one!  Clients come to us, expecting to be shown a hidden box of incredible bank bargains and tend to be (understandably) disappointed in what the banks can offer.  We’d like to explain why!

Spain Property Purchase Tax Rises

Spain Property Purchase Tax Rises

… but Tenerife stays low

Spain’s government is to raise the VAT rate on new properties purchased from 7% to 8% in 2010.  The cost of purchasing a home in Tenerife is to remain the same.

Beat the end of Summer Blues

Beat the End of Summer Blues

We all get the end of summer blues, especially those of us who live in northern Europe.  The weather closes in, the rain starts its endless drizzle and the sun becomes a distant memory.  There’s not much to look forward to as each tomorrow promises only darker mornings and shorter days.  But what is the best way to defend your health and morale against this descent into darkness?

Property Lettings Boom

Property Lettings Boom So the property boom has ended… or has it?  It may be that the values of property have come down, but people still need to live somewhere, recession or not.  As buyers wait until the market picks up (and they can purchase property at a higher price), property lettings are having their […]

Making a will

Making a will Statistics show that people do not like making Wills. It is understandable that people do not like to consider death, but it is irrational not to consider what should happen to your assets should you die, and make sure that your accumulated wealth is distributed in accordance with your wishes. You can […]

Tax retention

Tax retention Under current legislation in Tenerife it is necessary for 3% of the declared purchase price of a property to be retained by the purchaser, or his representative, and for the money to be paid to the Spanish tax authorities (hacienda) within 30 days of signing for title deeds. This is payable whenever the […]

Under declaring property values

Under declaring property values One of the most widely accepted tax dodges has had its day.  If you’re considering buying a property on Tenerife now, or in the future, this article may save you thousands of Euros and a great deal of stress.  Up until just a short while ago, the practice of under-declaring the […]

Fees and Taxes

Fees and taxes There are taxes and two fees payable on all transfers of Tenerife properties. The Notary is entitled to a fee for preparing the Escritura, and there is a further fee for registering the property in the new owner’s name. There is a document tax of 0.75% plus a local tax (I.G.I.C.) which […]

The Mortgage

The Mortgage Recent market changes have made it easier than ever to buy a property in Tenerife, despite the economy.  Whereas previously an aspiring buyer could just about scrape together sixty percent of the cost of a property from mortgages, nowadays lenders are putting together financial packages that mean almost anyone can benefit from property […]